Show working please. Thank you. Bryce, a bank official, is...
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Bryce, a bank official, is 40 years old, unmarried and has no dependents. During 2022 he engages in the following activities and transactions: a. Being an avid fisherman, Bryce develops an expertise in tying flies. At times during the year, he is asked to conduct fly-tying demonstrations, for which he is paid a small fee. He also periodically sells flies that he makes. Income generated from these activities during the year is $2,500. The expenses for the year associated with Bryce's fly-tying activity include $125 personal property taxes on a small trailer that he uses exclusively for this purpose, \$2,900 in supplies, \$270 in repairs on the trailer, and \$200 in gasoline for traveling to the demonstrations. b. Bryce sells a small building lot to his brother for $40,000. Bryce purchased the lot four years ago for $47,000, hoping to make a profit. c. Bryce enters into the following stock transactions: (None of the stock qualifies as small business stock.)
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